Mariwala steps down as Marico MD, Saugata Gupta elevated

Consumer goods giant Marico’s promoter and CMD Harsh Mariwala has stepped down as the company’s managing director and handed over the reins to the company’s India CEO Saugata Gupta. The changes are effective from 1 April, 2014, the company said in a statement. In his new role as managing director and CEO, Saugata will accelerate the growth journey through innovation and build a future-ready organisation with a value-added portfolio, Marico said in a release. “He will focus on sustaining Marico’s leadership presence in India as well as building the company into an emerging market MNC in the hair nourishment and grooming segments,” it said. [caption id=“attachment_1449657” align=“alignleft” width=“380”]  Mariwala will continue as Chairman[/caption] Saugata will lead the management team retaining and as part of the new structure all business heads and group level functions will report to Saugata. “This announcement reflects the next phase of Marico’s growth journey. Under Saugata Gupta’s leadership, Marico has had a track record of sustainable profitable growth. Marico has had a five year CAGR of 19% in topline and bottomline. I am confident that we will achieve new heights under the leadership of Saugata and his team," said Harsh Mariwala on Saugata’s elevation as managing director. Saugata joined Marico in January 2004 as marketing head and three years later he was elevated as the CEO of Marico’s India operation. Last year, Marico restructured its Consumer Product Business in India and International Business Group (IBG) under Saugata’s leadership as the CEO of Marico Limited, the unified FMCG business. Meanwhile, the 63-year-old promoter Harsh Mariwala has in the past indicated that he would slowly be pulling out of executive responsibilities. Last year, he had told ET that eventually he wants to make himself redundant in the organisation. The same report had said Mariwala wants to pursue other interests such as his not-for profit foundation Ascent to mentor budding entrepreneurs. READ THE FULL REPORT ON FIRSTBIZ